Final Results
November 28 2007 - 6:15AM
UK Regulatory
RNS Number:6737I
Zyzygy PLC
28 November 2007
Zyzygy plc
Results for the year ended 30th June 2007
Zyzygy plc ('the Company') is pleased to announce its audited preliminary
results for the year ended 30 June 2007.
Chairman's Statement
We at Zyzygy are delighted to announce that we have made another profit this
year of #457,000 and as in 2006 were able to pay a dividend. Just after the end
of the financial year, we appointed Peter Hire to our Board in the role of
Non-Executive Director, as a replacement for John Pool. We have immediately
found the experience Peter had gained with Dresdner Kleinwort Wasserstein and
Honeywell's to have beneficial impact on the composition of the Board and
believe his ongoing contribution will positively add to the performance of the
company.
From the sidelines it may appear that Zyzygy have had a relatively quiet year.
However the reality absolutely contradicts that possible perception. Our two
current major projects are very close to reaching fruition after more careful
nurturing and investment.
Marine Track Limited
The company has made huge strides in the past 12 months under the energetic
drive of the new CEO Stuart Nichols. Their "core" sales have grown significantly
and more importantly a rapidly building pipeline of new business opportunities
is increasing month by month. Even so it is their "special projects" agenda
which really gives us cause for optimism. One such project is for an Asian
government. In Q1 '07 we received a letter of intent from their agents to the
effect that we had been awarded 50% of a large pilot order , with the other
50% being awarded to a company using Wireless technology rather than satellite
technology (which is MarineTrack's proposed solution). With this information to
hand the Marine Track Board decided to commence the process to an AIM listing.
During Q2 '07 we learnt that the government in question had realised that the
Wireless solution was not viable and decided to go 100% down the satellite
route. They cancelled the pilot scheme and decided to move straight ahead with
the full order using satellite technology. Invitations to tender were issued
with every indication that the decision would be finalised in Q3 '07. The
government concerned have elections due and unexpectedly decided, rather than to
award the contract as previously indicated, their interests would be better
served by including the details of the tracking solution within their manifesto.
We now understand that the contract will be awarded in early 2008, and we remain
hopeful that MarineTrack will be the preferred supplier.
With the core business developing strongly at Marine Track a decision was made
to proceed with the IPO, which we hope will be finalised soon. However, so the
Zyzygy investors will not lose out if MarineTrack secures the Asian contract, a
new company has been formed with Zyzygy a significant shareholder, through
which the previously mentioned government contract will be channelled if
MarineTrack's tender is successful.
Several other interesting projects are also currently being pursued.
Nice Tech Limited
During the year the company have successfully taken the CBBC/Ragdoll project
"Tronji World" through alpha and beta testing milestones, and are on target to
have the game finalised and hosted in time to coincide with the launch of the
new children's television programme, for which it was commissioned to
complement. The project was recently showcased at the BAFTA's "working with
games" conference in London. After a which a senior BBC Worldwide executive
opined to the invited audience that Tronji World was technically the most
exciting project he has worked on during his time with the BBC.
The attention which the company has recently received from several giant global
corporate companies which are all commonly known household names, has been both
heart warming and staggering.
During the year Nice Tech have also successfully completed a minor project for
another renowned British TV production company, and have just commenced a new
project for a US based Media production company.
It had been our intention to list Nice Tech during the year, however it soon
became apparent to us at Zyzygy that much greater value and benefit would be
derived for our shareholders if we adopted a more patient approach. However we
now intend to float Nice Tech on the AIM market, or arrange an alternate
significant fundraising in the first half of 2008.
Of our other current investments in Next Gen Plc and Physiomics Plc it was
pleasing to learn that the latter recently secured a contract with the global
pharmaceutical giant Eli Lilly.
Armed with the above information it is my belief that 2008 will be a year of
considerable importance for Zyzygy. I would like to take this opportunity to
thank my fellow directors Edward Oliver and Peter Hire who have both worked
tirelessly towards our common goal, namely the advancement of our company.
Duncan Lipscombe
Chairman
23 November 2007
Statement of total return for the year ended 30th June 2007
Capital Revenue 2007 Capital Revenue 2006
Total Total
#'000 #'000 #'000 #'000 #'000 #'000
Gains on investments 856 - 856 1,204 - 1,204
Income - - - - 40 40
Gross revenue and capital return 856 - 856 1,204 40 1,244
Administrative expenses - (221) (221) - (187) (187)
Net return/(deficit) before 856 (221) 635 1,204 (147) 1,057
exceptional items, finance costs
and taxation
Interest receivable - 1 1 - 1 1
Return/(deficit) on ordinary 856 (220) 636 1,204 (146) 1,058
activities before taxation
Tax on return/(deficit) on (179) - (179) (298) - (298)
ordinary activities
Return/(deficit) for the financial 677 (220) 457 906 (146) 760
year
Return/(deficit) per ordinary 0.10p (0.03p) 0.07p 0.16p (0.03p) 0.13p
share (Basic and fully diluted)
The return per ordinary share is based on the weighted average number of
ordinary shares in issue during the year of 645,485,142 ordinary shares of 0.1p
(2006: 574,991,991 ordinary shares of 0.1p).
All of the above results arise from continuing activities. There are no
recognised gains and losses for the year other than those reflected in the above
Statement of Total Return.
Balance sheet at 30th June 2007
2007 2007 2006 2006
#'000 #'000 #'000 #'000
Fixed assets
Investments 4,325 3,802
Current assets
Debtors 927 92
Cash at bank 71 41
998 133
Creditors: amounts falling due within one (607) (97)
year
Net current assets 391 36
Total assets less current liabilities 4,716 3,838
Provisions for liabilities (545) (366)
Net assets 4,171 3,472
Capital and reserves
Called up share capital 652 575
Share premium account 1,361 1,139
Capital reserve unrealised 1,184 1,081
Capital reserve realised 939 365
Revenue reserve 35 312
Shareholders' funds 4,171 3,472
Net assets value per ordinary share 0.6p 0.6p
The net asset value per ordinary share is based on net assets at the year end
and on 652,491,991 ordinary shares of 0.1p (2006: 574,991,991 ordinary shares of
0.1p), being the number of shares in issue at the year end.
The financial statements were approved by the Board of directors on 23 November
2007.
Cash flow statement for the year ended 30 June 2007
2007 2007 2006 2006
#'000 #'000 #'000 #'000
Net cash inflow/(outflow) from operating 289 (280)
activities
Returns on investment
Interest received 1 1
290 (279)
Capital expenditure and financial investment
Purchase of investments (75) (1,345)
Loans to investee companies (612) -
Sale of investments 185 1,659
(502) 314
Dividend paid (57) -
Net cash (outflow)/inflow before financing (269) 35
Financing:
Issue of share capital 78 -
Share premium received on share capital issued 232 -
Less: Share issue expenses written off (11) -
299 -
Increase in cash 30 35
Notes
1. Financial information
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the period ended 30 June 2007 but is derived
from those accounts. Statutory accounts for the period will be delivered to
Companies House following the Company's Annual General Meeting. The Group's
auditors have reported on these accounts; their report was unqualified and did
not contain statements under section 237(2) or (3) of the Companies Act 1985.
2. Availability of accounts
The full audited accounts of Zyzygy plc for the year ended 30 June 2007 and
Notice of the Annual General Meeting are today being posted to shareholders and
will be available for a period of one month to the public at the Company's
registered office, at the Company's registered office, Maple Cottage, Arkesden
Road, Clavering, Saffron Waldon, Essex, CB11 4QU and at the Company's website,
www.zyzygy.co.uk
3. Annual General Meeting
The Annual General Meeting of Zygygy plc will be held at the offices of Bircham
Dyson Bell, 50 Broadway, Westminster, London SW1H 0BL on Friday 21 December 2007
at 1pm for the following purposes:
Ordinary business
To consider and if thought fit, to pass the following resolutions which will be
proposed as ordinary resolutions:
1 To receive and adopt the Company's annual accounts for the financial year
ended 30 June 2007 together with the last directors' report and auditors'
report on those accounts.
2 To reappoint Duncan Lipscombe who retires by rotation as a director of the
Company.
3 To elect Peter Hire who was appointed a director since the last Annual
General Meeting.
4 To appoint Grant Thornton UK LLP as auditors to hold office from the
conclusion of the meeting to the conclusion of the next meeting at which
the accounts are laid before the Company at a remuneration to
be determined by the directors.
Special business
To consider and, if thought fit, pass the following resolutions, of which
resolution 5 will be proposed as an ordinary resolution and resolution 6 will be
proposed as a special resolution.
5 THAT the directors be and they are generally and unconditionally authorised
for the purposes of section 80 of the Companies Act 1985 (the "Act") to
exercise all the powers of the Company to allot relevant securities (within
the meaning of that section) up to an aggregate nominal amount of #250,000
provided that this authority is for a period expiring at the Company's next
AGM but the Company may before such expiry make an offer or agreement which
would or might require relevant securities to be allotted after such expiry
and the directors may allot relevant securities in pursuance of such offer
or agreement notwithstanding that the authority conferred by this
resolution has expired. This authority is in substitution for all earlier
authorities, to the extent unused.
6 THAT subject to the passing of the previous resolution the directors be and
they are empowered pursuant to section 95 of the Act to allot equity
securities (within the meaning of section 94(") of the Act) wholly or cash
pursuant to the authority conferred by the previous resolution as if
section 89 (1) of the Act did not apply to any such allotment, provided
that this power shall be limited to the allotment of equity securities:
a In connection with an offer of such securities by way of rights to holders
of ordinary shares in proportion (as nearly as may be practicable) to their
respective holdings of such shares, but subject to such exclusions or other
arrangements as the directors may deem necessary or expedient in relation
to fractional entitlements or any legal or practical problems under the
always of any territory, or the requirements of any regulatory body or
stock exchange; and
b Otherwise than pursuant to sub-paragraph (a) above up to an aggregate
nominal amount of #250,000;
and shall expire on the conclusion of the next Annual General Meeting of the
Company after the passing of this resolution save that the Company may, before
such expiry make an offer or agreement which would or might require equity
securities to be allotted after such expiry and the directors may allot equity
securities of any such offer or agreement notwithstanding that the power
conferred by this resolution has expired.
Contacts:
Zyzygy plc 01799 530490
Duncan Lipscombe, Chairman
Grant Thornton Corporate Finance 020 7383 5100
Philip Secrett/Colin Aaronson
This information is provided by RNS
The company news service from the London Stock Exchange
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